Brent Holds Above $100 as Tanker Attacks Deepen Supply Fear
The U.S. Energy Information Administration raised price forecasts as global stockpiles fell and Brent crude stayed above $100 a barrel.
- On Thursday, Brent crude prices held above $100 a barrel as traders braced for supply disruptions following the largest attacks on shipping since the six-month-old United States-Iran conflict began.
- Iran's Islamic Revolutionary Guard Corps reported attacking 10 ships near the Strait of Hormuz on Wednesday, following the United States sinking five Iranian oil tankers, and warned of escalation.
- Brent prices have surged nearly 30% from early August lows, while the Energy Information Administration raised forecasts for this year and next as global stockpiles drop due to Middle Eastern supply losses.
- ANZ analyst Daniel Hynes said "the tit-for-tat attacks suggest oil flows from the Persian Gulf are likely to remain disrupted for the foreseeable future," as markets adjust to deepening conflict.
- Oil flow through the Strait of Hormuz remains well below pre-war levels, while U.S. West Texas Intermediate crude rose 0.5% to $96.55 a barrel, signaling persistent market volatility.
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Attacks between the U.S. and Iran and restrictions on shipping along the Strait of Ormuz once again boosted crude oil prices. Brent's European barrel overcame the $100 barrier, while energy prices pressure markets, inflation, and fuel costs, especially in the West.
US crude oil WTI rose above 96 dollars per barrel, to the highest level since May, according to the media. The US military said it had destroyed five Iranian oil tankers carrying crude oil, and Iran said it had attacked two US vessels and eight oil tankers in the Persian Gulf, warning crews of ships near ports in Kuwait and Bahrain to abandon their vessels. The latest escalation further increased fears of new disruptions in
Oil prices continued to rise today, Thursday, as the price of Brent's crude barrel stabilized above the $100 threshold, following Iran's targeting of ships that were trying to cross the Strait of Hormuz in response to the US' targeting of Islamic Republic oil tankers. The North Sea's crude Brent, which has crossed the 100-dollar threshold for the first time since July, recorded an additional rise... read more.
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Brent crude holds above $100 as US-Iran conflict threatens deeper oil supply disruption
Digital Desk | New Delhi, Sep 10 (IANS) Global crude oil prices surged up to nearly 2 per cent on Thursday with Brent crude breaching the $100-a-barrel mark following escalating attacks by Iran and the United States on shipping routes. The international oil benchmark -- Brent crude -- rose 0.68 per cent to $101.90 a barrel, while US West Texas Intermediate crude gained 1.81 per cent to $97.79 a barrel. Iran has said it had attacked 10 ships n…
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